President Trump on Wednesday said the Federal Reserve “has gone crazy” with a series of planned interest rate increases after U.S. stocks suffered their worst daily losses since February.
The Dow Jones industrial average dropped 831 points Wednesday afternoon, losing 3.2 percent on the day. The Nasdaq composite fell 4 percent and the S&P 500 lost 3.3 percent as investors sought safe havens from rising interest rates.
Trump said the stock slide was “actually … a correction that we’ve been waiting for for a long time,” but reiterated his frustration with the Fed.
“No, I think the Fed is making a mistake. They’re so tight,” Trump said. “I think the Fed has gone crazy. So you can say that, ‘Well that’s a lot of safety actually.’ And it is a lot of safety, and it gives you a lot of margin. But I think the Fed has gone crazy.”
“I really disagree with what the Fed is doing, OK?” Trump said.
Read more at The Hill.